Protected Retirement Plan
Our plan offers you flexible access to your money.
Our plan offers you certainty with the flexibility to change your mind if your circumstances change
Existing Customers
Need to make a change or get support with your policy?
overview
Buying a fixed term annuity with us could give you:
- The ability to secure the right level of income for your needs without making an irreversible decision
- The ability to ensure a guaranteed sum is available at the end of the term to provide another chance to review your circumstances
- If your circumstances change during the term, the ability to change your mind
Protected Retirement Plan options
You've got options with our Protected Retirement Plan
If you like the idea of receiving a guaranteed income but don’t want to commit to a lifetime decision, our fixed term annuity offers you the flexibility to choose the level of income you take, the level of fund available at the end of the term & the option to change your mind. You are in control of your plan & the benefits you want to receive.
product features
Take a look at some of the features of our Protected Retirement Plan
- The minimum investment is £10,000 (after any tax-free cash has been taken).
- To take out a fixed term annuity you must be aged 55 or over. Your beneficiary needs to be at least aged 40 when the plan starts if a beneficiary's income is included. The terms can be up to 25 years & a minimum term will apply.
- You can choose to take a level income, an increasing income (up to 8.5% a year) or no income at all. If you choose a level income, or an income that increases each year less than inflation, your income may not keep up with the rising prices.
- You can choose to receive your income monthly, quarterly, half-yearly or yearly. The first income payment can be paid either as soon as the plan starts (known as in advance) or at the end of the payment period (known as in arrears).
Need some more information? No worries, check out some things to consider
- You can get a secure, regular income set at an appropriate level for your personal circumstances.
- You can choose to receive your income monthly, quarterly, half-yearly or yearly. The first income payment can be paid either as soon as the plan starts (known as in advance) or at the end of the payment period (known as in arrears).
- Protected Retirement Plan can give you the time to make those really important retirement decisions before committing to a more permanent solution.
- Can provide a guaranteed amount at the end of the term.
- The maximum age you can be when your Protected Retirement Plan matures is 90.
- The minimum investment is £10,000 (after any tax-free cash has been taken).
- You can take out the product from the age of 55 (or at least 40 for early ill-health retirement or a protected retirement age). Your beneficiary needs to be at least 40 when the plan starts if a beneficiary's income is included. The term can be up to 25 years & a minimum term will apply.
- You can choose to take a level income, an increasing income (up to 8.5% a year) or no income at all. If you choose a level income, or an income that increases each year less than inflation, your income may not keep up with the rising prices.
- If you cash in your fixed term annuity before the end of the term you may get back significantly less than the guaranteed maturity value, or even the amount you invested.
- If you take a higher level of income now, it will reduce the amount available as a guaranteed lump sum at the end of the term.
- We only accept funds from registered pension schemes - you can invest part or your entire pension fund in a plan.
- In certain circumstances where the type of plan you transfer from has restrictions we may need to reduce your income during the term, but don’t worry, you will still receive this at the end of the term.
- How much tax you pay depends on your personal circumstances.
- By taking an income throughout the term of your plan, the guaranteed maturity value may not provide the income you need after this plan has ended.
- When the plan ends, lifetime annuity rates could have worsened, changes in legislation or tax rules could be disadvantageous and better investment returns could be available elsewhere.
Any references we make to taxation are based on our understanding of current legislation and HM Revenue and Customs practice, which can change. If the government changes the tax treatment of this plan, the income paid to you may fall.
Useful Documents
You should read the following documents on our Protected Retirement Plan before applying
The information in these documents shouldn't be considered as advice to take out the plan. If you're unsure, you should speak to a financial adviser.
Financial advice
Need help?
Have a commitment free chat with one of our friendly advisers today. Start your conversation by giving us a little more detail.
Mon to Fri 8.30am-5.30pm
For TextDirect: First dial 18001
We will record and/or monitor calls for training and audit purposes